Ladbrokes has been one of the leading bookmakers in Europe for many years, but despite that they seem to struggle in their land-based business, especially in Ireland. The company has lost tons of money in Ireland, having too many betting shops who didn’t make a profit.
Ladbrokes solution to the problem has been to close upwards of 60 betting shops in Ireland, out of 196. The terms offered to the landlords owning the property which Ladbrokes rents has been very poor however, giving less than 10% of the amount they could expect over the course of the contract back for an immediate closure of the shops.
Furthermore this would also mean that a total of around 250 people would be losing their jobs, a situation which has caused fury amongst the employees. Boylesports however may just be the savior for some employees and landlords, as they have allegedly contacted Ken Fennel from Deloitte, who is the examiner of the case by court,
While their offer still proposes to close some shops, it might still save some and for those it doesn’t save, it will offer better terms to the landlords of the betting shops, so they lose less money in the case.
“We in Boylesports are committed to making sure that we have the best shops in the best locations for our customers. We have been very active in recent years in ensuring that need is met and we remain open to opportunities as and when they arise.” Chief Executive Officer and founder John Boyle said.